NORCROSS, Ga., June 21, 2017 (GLOBE NEWSWIRE) -- WestRock Company (NYSE:WRK) today announced that it has entered into agreements to acquire substantially all of the assets of Island Container Corp. and Combined Container Industries LLC, which together are independent producers of corrugated boxes, sheets and point-of-purchase displays.
The assets to be acquired include a corrugator and the corrugated converting operations located in Wheatley Heights, New York, and certain related fulfillment assets located in Saddle Brook, New Jersey.
“Island Container and Combined Container have longstanding relationships with customers in cosmetic, pharmaceutical and food markets in the Northeastern United States, and we look forward to continuing these relationships,” said Steve Voorhees, chief executive officer of WestRock. “This acquisition will enable us to integrate more than 80,000 tons of containerboard into our corrugated packaging business.”
WestRock will pay total consideration representing an EBITDA multiple of less than 4.5 times on a post-synergy basis. The consideration will be made in cash. The transaction is subject to customary closing conditions.
WestRock (NYSE:WRK) partners with our customers to provide differentiated paper and packaging solutions that help them win in the marketplace. WestRock’s 45,000 team members support customers around the world from more than 300 operating and business locations spanning North America, South America, Europe and Asia. Learn more at www.westrock.com.